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Financing Your Education
Tuition fees have increased significantly over the last decade and many of today's students face financial challenges. Although most students try to keep a part-time job while studying, sometimes it's not enough to cover tuition fees, living expenses and books. Browse the tips and Web site links below for help financing your education.
The Basics:
Financing Options
- Scholarships and bursaries are non-repayable forms of financial assistance. Scholarships are awarded according to your academic achievement and bursaries according to both financial need and academic merit.
- The federal government, provinces and territories, individual schools and some businesses and charitable foundations also provide grants, bursaries and scholarships. Check with your school to see what is available and if you may be eligible.
- Student loans are offered at the national and provincial levels and will need to be repaid once you are finished your studies. The criteria for awarding student loans vary from province to province.
- The Canada Student Loans Program provides loans and grants to Canadians attending a University, College, Trade School, or Vocational School to help them finance their education.
- Some banks offer student lines of credit, which allow you to borrow money as you need it, then repay the loan once you have finished your education.
- The Government of Canada offers a number of initiatives to help post-secondary students gain work experience while earning money to support themselves during their studies.
Getting Your Money
- Once you have applied for your loan you will receive a letter of assessment stating the amount you will receive. You can appeal this amount if you do not agree with it. Contact your provincial or territorial student assistance office for help on appealing your loan assessment.
- Your school will need to confirm your enrollment and you will need to sign and return your loan documents before you receive the funds.
- Tips for getting your money:
- You may be able to have your money directly deposited into your bank account by including a void cheque with your application.
- Meeting application deadlines will ensure that you to get your money when you need it.
Managing and Repaying Your Loan
- You will need to start repaying your loan when you:
- have graduated;
- have transferred to part-time studies or have dropped out;
- are taking more than 6 months off from school; or
- reach your lifetime limit of financial assistance.
- The National Student Loans Service Centre assists students in managing their student loans and offers resources to help them through the repayment process.
- Become informed about your loan's repayment process, including when the interest will start to accumulate.
- You will be notified by mail when your repayment process is set to begin.
- If you are unable to start repaying your loan at the designated time you may be allowed to postpone your payments. Contact your loan provider for more information.
- Tips for paying off your loan faster:
- Make lump sum payments in advance, if you can. Payments made on your loan while you are still in school will be applied directly to your principal amount and will result in a smaller amount owed after graduation.
- Increase the size of your monthly payments to reduce the amount of interest accumulating on your loan.
Helpful Web Sites:
- CanLearn's Web site offers valuable information about student loans, grants and scholarships.
- Service Canada offers extensive information on bursaries, grants, scholarships and employment opportunities available to students.
- Scholarships Canada contains an extensive, searchable database of scholarships, student awards, bursaries and grants. You will also find information about student loans, applications and budget planning.
- Student Awards is a free, searchable database of scholarships, bursaries, fellowships, grants and other financial awards available to Canadian students.
